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Stock Wealth of Major Korean Business Leaders Rises by 29 Trillion Won, But Only Two Benefit In the second quarter of this year, the domestic stock market showed strong performance, leading to an increase of over 29 trillion won in the stock wealth of major business leaders. However, most of this increase was concentrated in the holdings of Lee Jae-yong, chairman of Samsung Electronics, and Choi Tae-won, chairman of SK Group, resulting in a decline in stock values for many other leaders. Analysis indicates that six out of ten leaders saw their stock valuations decrease, suggesting that the benefits of the market surge were not evenly distributed.On July 14, the Korea CXO Research Institute released the results of its survey on the changes in stock valuations of major business leaders designated by the Fair Trade Commission, focusing on 46 individuals whose stock valuations exceeded 100 billion won as of the end of June. The stock valuations were calculated based on the closing prices at the end of March and June.The survey included cases where leaders directly held shares in listed companies, as well as instances where they indirectly held shares in listed affiliates through unlisted companies. Unlisted companies were limited to those where the leader held more than 50% of the shares, and preferred stocks were also included in the analysis.The total stock valuation of the 46 group leaders increased from 104.4 trillion won at the end of March to 133.6 trillion won at the end of June, marking an increase of 29.2 trillion won, or 28%. However, excluding Lee Jae-yong and Choi Tae-won, the remaining stock valuations actually decreased by 5.9 trillion won, or 8.6%. Among the 46 individuals surveyed, 28 (60.9%) experienced a decline in their stock wealth.Lee Jae-yong saw the largest increase in stock value during the second quarter. His stock valuation rose from 30.9 trillion won at the end of March to 59.2 trillion won at the end of June, an increase of 28.2 trillion won, making him the clear leader in terms of growth. This represents a growth rate of 91.3%. The rise in stock prices of Samsung Electronics and Samsung C&T drove this expansion. At one point in June, his stock valuation exceeded 64 trillion won.Choi Tae-won achieved the highest growth rate, with his stock wealth soaring from 3.9 trillion won to 10.8 trillion won, a staggering increase of 176.9%. The stock price of SK Inc., his holding company, jumped from 301,000 won to 834,000 won over three months, allowing his stock wealth to surpass 10 trillion won for the first time. However, Choi does not directly hold shares in SK Hynix, so this increase was primarily due to the rise in SK's stock price.Additionally, other leaders such as Cho Hyun-joon of Hyosung Group saw an increase of 971.3 billion won, while Koo Kwang-mo of LG Group gained 386.2 billion won, Park Jung-won of Doosan Group added 279.9 billion won, and Jung Ji-sun of Hyundai Department Store Group increased by 260.1 billion won. In terms of growth rate, Koo Ja-eun of LS Group (34.1%), Jung Ji-sun (27.6%), and Cho Hyun-joon (27.1%) followed.Conversely, several leaders experienced declines in their stock wealth despite the market's rise. Seo Jeong-jin of Celltrion Group saw a decrease of 1.6 trillion won in the second quarter alone, while Bang Si-hyuk of HYBE and Kim Beom-soo, founder of Kakao, lost 1.4 trillion won and 1.2 trillion won, respectively. Bang's stock wealth decreased by 35.8%, the highest decline among those surveyed.As of the end of June, there were 16 leaders with stock wealth exceeding 1 trillion won. Lee Jae-yong maintained the top position with 59.2 trillion won, followed by Seo Jeong-jin (11.9 trillion won) and Choi Tae-won (10.8 trillion won). This marks the first time Choi has surpassed 10 trillion won in stock wealth. Other notable figures in the top ten include Jung Ji-sun (7.8 trillion won), Cho Hyun-joon (4.6 trillion won), Chung Mong-joon (4.2 trillion won), Kim Beom-soo, Lee Dong-chae of EcoPro, Bang Si-hyuk, and Koo Kwang-mo.Oh Il-seon, head of the Korea CXO Research Institute, stated, "About two-thirds of the stocks held by group leaders saw a decline in value during the second quarter. In the third quarter, there is a growing possibility of adjustments centered on stocks that have risen significantly, along with profit-taking sales and external variables such as interest rates and exchange rates, which could increase market volatility." 2026-07-14 09:36:00 -
Typhoon Bavi Approaches South Korea: Real-Time Path and Safety Precautions The remnants of Typhoon Bavi, which passed through China, are expected to bring significant changes to the weather across the Korean Peninsula. Online discussions reflect a mix of hope that it will break the heat dome and concerns about potential damage in coastal areas.According to the Korea Meteorological Administration, Typhoon Bavi made landfall in Zhejiang Province, China, and has weakened to a tropical depression as it moved inland. However, it still carries a substantial amount of moisture, which is likely to result in heavy rain and strong winds in South Korea.Heavy rainfall of up to 50 mm per hour is anticipated in northern Gyeonggi Province and northern Gangwon Province from this evening into early tomorrow. There is also a possibility of strong rain in the capital region and central areas, accompanied by gusty winds and thunderstorms. The weather agency has urged caution regarding river flooding, low-lying area inundation, and damage to facilities.Satellite images have sparked interest online, with some users noting, "Typically, when a typhoon penetrates deep into the Chinese mainland, it dissipates, but this time the core and vortex have remained intact longer than expected."Additionally, forecasts from Japanese and Chinese meteorological agencies suggest that as the storm moves toward North Korea, South Korea may enter a danger zone. However, the actual intensity and path of the typhoon could change based on its weakening speed and atmospheric pressure variations, making it essential to stay updated with the latest weather information.There are also mentions of a new tropical depression, Haishen, potentially forming. However, there is currently no confirmed forecast indicating that Bavi will make consecutive landfalls on the Korean Peninsula.In online communities, many expressed hope that Typhoon Bavi would serve as a "savior" to end the heat wave.Comments included sentiments like, "There's no way a typhoon can break this heat dome," "I hope it brings refreshing rain; it's too hot," "I always hope for rain but end up with just humidity," "Even passing through the peninsula could disrupt the stagnant pressure system and weaken the heat dome," and "If the monsoon front revives during this time, we could return to a normal summer," along with wishes for rain to clear out the hot air.Conversely, there are significant concerns as well.Some users expressed, "I hope the heat dome breaks, but I wish for no typhoon damage," "Regions like Jeju and the South Coast, as well as Geoje, are always at risk," and "Flooding damage is scarier than the heat wave."In reality, when a typhoon or tropical depression approaches the Korean Peninsula, strong winds and heavy rain often first affect coastal areas such as Jeju, the South Coast, and the East Coast. The risk of damage from strong winds, coastal flooding, and low-lying area inundation increases, necessitating careful preparation.The Korea Meteorological Administration recommends avoiding outdoor activities in areas under the typhoon's influence, checking for potential hazards from falling objects like windows and signs, and avoiding riverbanks, underpasses, and areas prone to flooding. Keeping mobile phone emergency alerts activated to receive the latest weather warnings is advisable. Additionally, avoiding parking in low-lying areas and checking drainage systems can help mitigate flooding damage.* This article has been translated by AI. 2026-07-14 09:32:00
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Son Min-soo and Lim Yoon-chan to Perform Together at KBS Symphony Orchestra's 70th Anniversary Concert The KBS Symphony Orchestra will hold a special concert titled 'Son Min-soo & Lim Yoon-chan' on July 22 at 8 p.m. at the Lotte Concert Hall to celebrate its 70th anniversary.This performance commemorates the 70-year journey of the KBS Symphony Orchestra, which has grown alongside classical music in South Korea. Pianist Son Min-soo and his student Lim Yoon-chan will perform together, with Japanese conductor Masato Suzuki leading the orchestra.The first half of the concert will feature the overture to Mozart's opera 'Don Giovanni' and the 'Concerto for Two Pianos No. 10 in E-flat major, K. 365.' Notably, Son Min-soo and Lim Yoon-chan will share the stage, showcasing the synergy between teacher and student. Their delicate ensemble, reminiscent of a conversation between two pianos, symbolically represents the 'inheritance of tradition' and the 'growth of future generations' that the 70th anniversary signifies.The second half will present Dvořák's Symphony No. 8. Known for its bright and lively melodies, this piece conveys messages of comfort, hope, and new beginnings, making it a fitting finale to celebrate the KBS Symphony Orchestra's 70 years with the public.The special concert, sponsored by Woori Card, sold out immediately after tickets went on sale in early June.Meanwhile, this concert marks the first collaboration between Son Min-soo and Lim Yoon-chan with an orchestra, following their performance together at the Hyundai Card Duo Recital in 2025.* This article has been translated by AI. 2026-07-14 09:32:00
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AMCHAM takes Korean delegation to Washington for annual doorknock SEOUL, July 14 (AJP)-The American Chamber of Commerce in Korea (AMCHAM) is leading a delegation of Korean companies to Washington this week for its "K-Doorknock" program, aimed at helping businesses expand into the U.S. market and address a range of pending trade, investment and regulatory issues between the two countries. The initiative will make its debut during AMCHAM's annual Washington Doorknock mission, which runs from July 13 to 16 and brings business leaders together with U.S. policymakers to discuss issues affecting the U.S.-Korea economic relationship. K-Doorknock gives Korean companies investing in the United States a dedicated channel to engage directly with senior government officials, lawmakers and industry leaders as bilateral investment continues to grow. Led by AMCHAM Chairman and CEO James Kim, the delegation includes senior executives from Dunamu, Hangang Asset Management, HKI America Inc, Hyundai Motor Group, LG Group, and SoluM. Representatives from Bayer, Corning, Kim & Chang, Novelis and Pfizer are also joining the delegation. During the four-day visit, the delegation is scheduled to meet officials from the White House, the Office of the U.S. Trade Representative (USTR), the Department of Commerce, the Department of State and the National Security Council (NSC), as well as bipartisan members of Congress, the U.S. Chamber of Commerce, leading think tanks and policy experts. The visit comes amid evolving trade and regulatory issues, including a proposed 12.5 percent U.S. tariff on imports from South Korea under a Section 301 investigation into forced-labor import restrictions and broader discussions over the regulatory environment for companies operating in both markets. The chamber said the meetings will focus on strengthening bilateral investment, advancing regulatory cooperation, promoting innovation and deepening economic cooperation between the two countries. "Washington Doorknock has long been one of AMCHAM's defining initiatives and an important platform for strengthening economic ties between Korea and the United States," Kim said. "K-Doorknock represents the next evolution of that mission. As investment between our two countries continues to grow in both directions, AMCHAM is committed to supporting Korean companies expanding in the United States, just as we have long supported American companies doing business in Korea." Kim said the bilateral relationship has evolved beyond trade and is increasingly driven by two-way investment, advanced technology, resilient supply chains and closer public-private cooperation. "We look forward to engaging with our partners in Washington to advance practical solutions that strengthen competitiveness, encourage investment and create new opportunities for growth in both countries," he said. This year’s mission is part of AMCHAM’s Freedom 250 initiative marking the 250th anniversary of U.S. independence. The chamber plans to issue a post-mission summary after the delegation returns, outlining key meetings, policy discussions and potential areas of cooperation. 2026-07-14 09:29:40 -
Trump reimposes Iran blockade, seeks 20% fee on cargo through Strait of Hormuz SEOUL, July 14 (AJP) - Amid renewed tensions with Iran in the Middle East, U.S. President Donald Trump said Monday that the U.S. will charge a 20-percent fee on cargo passing through the Strait of Hormuz as it takes on the role of the waterway's "guardian." In a post on his own social media platform Truth Social, Trump wrote, "The Hormuz Strait is OPEN, and will remain OPEN, with or without Iran. We are reinstating THE IRANIAN BLOCKADE, so named because it is only stopping Iran's ships or customers from entering or leaving." Trump said the U.S. would oversee security in the strategic shipping route, which is crucial for global oil and gas shipments, and be reimbursed for the costs of maintaining safe passage. "The U.S.A. will be, from this point forward, known as 'THE GUARDIAN OF THE HORMUZ STRAIT,' but as such, and as a matter of FAIRNESS, will be reimbursed, at the rate of 20% on all cargo shipped, for any and all costs necessary to do the job of providing safety and security to this very volatile section of the World," he said, adding that the process would "begin immediately." But it remains unclear whether the proposed 20 percent charge would apply to the total value of cargo passing through the strait or cover the costs of maintaining security. Trump did not provide further details, while the U.S. Central Command (CENTCOM) later said its forces "will resume enforcing a blockade on maritime traffic entering and exiting Iranian ports" from Tuesday. "CENTCOM forces will enforce the blockade against vessels transiting to or from Iranian ports and coastal areas. The U.S. military continues to support traffic flow through regional waters for all vessels not violating the blockade," it said. CENTCOM said the previous blockade, which was in place from April 13 to June 18, redirected more than 140 compliant vessels, disabled nine non-compliant ships and allowed more than 50 commercial vessels carrying humanitarian aid to pass through. For its part, Iran's powerful Revolutionary Guard, which controls the Islamic Republic's ballistic missile arsenal, said the strait is "our territory" and that it would not allow a "rogue and child-killing army from the other side of the world to continue its illegal interference in it." Iran had previously sought tolls on vessels passing through the strait but agreed to suspend them for 60 days under an interim deal with the U.S. last month, suggesting ships passing through the waterway could now face charges from both countries. Shortly after Trump's remarks on the proposed fees, the International Maritime Organization (IMO) reaffirmed its opposition to transit fees in the strait. "We have always been consistent on our stance on fees – IMO stands firmly against charging fees for passage through straits used for international navigation," an IMO spokesperson said. "There is no legal basis through which to introduce mandatory tolls simply to transit through a strait." Amid fiery rhetoric between Washington and Tehran that has raised concerns over renewed escalation in the region, South Korea and other energy-importing countries have been closely monitoring developments, as the country relies heavily on the waterway for crude oil imports. After Washington and Tehran signed a 14-point memorandum of understanding (MOU) on June 17 to negotiate a final agreement, many ships from around the world that had been stranded in the strait began leaving the area. A total of 26 South Korean vessels had been trapped in the strait since late February, but 24 of them have since departed. Currently, two South Korean-flagged vessels remain inside the strait including cargo ship HMM Namu, which was towed to a port in Dubai for repairs after being attacked in early May, according to the Ministry of Oceans and Fisheries. 2026-07-14 09:28:56 -
President Yoon Sends Condolences on Death of Former Qatari Emir, Dispatches Special Envoy President Yoon Suk Yeol sent a condolence message on July 14 regarding the death of Sheikh Hamad bin Khalifa Al Thani, the former Emir of Qatar. He has also dispatched Kang Hoon-sik, his chief of staff, as a special envoy to express condolences.According to the Blue House, Kang is scheduled to depart for Qatar in the afternoon to convey President Yoon's condolences and is expected to return on July 16.Kang's dispatch as a special envoy was made at the request of the Qatari side. In the past, it has been customary for special envoys, including cabinet members, to be sent when a monarch in the Gulf region passes away. During discussions, the Qatari side specifically requested Kang's visit.Given that Kang has previously visited the Middle East multiple times in his capacity as a special envoy for strategic economic cooperation, this visit may facilitate high-level discussions between the two countries regarding energy supply and other matters.Kang visited Qatar in April, where he met with the current Emir, Sheikh Tamim bin Hamad Al Thani, to discuss liquefied natural gas (LNG) supply agreements.Sheikh Hamad, known as the 'architect of modern Qatar,' is credited with elevating Qatar to a prominent position in the Middle East. He abdicated in 2013 in favor of his son and passed away on July 11.* This article has been translated by AI. 2026-07-14 09:24:00
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KOSPI extends chip rout as Samsung Electronics steadies SEOUL, July 14 (AJP) -The bear loomed over the Seoul bourse for a second straight session Tuesday after a devastating Black Monday rout. The KOSPI stood at 6,790.55 shortly after the open, down 0.2 percent. The index shed 16.38 points from Monday's close, recovering from a drop of nearly 2 percent in the first minutes of trade. The two chipmakers that drove Monday's plunge split at Tuesday's open. SK hynix fell another 1.7 percent to 1,813,000 won ($1,211), while Samsung Electronics rose 0.3 percent to 255,250 won ($170), a divergence traders read as selling still concentrated in the stock most exposed to high-bandwidth memory. The main index in Seoul plunged 9 percent on Monday, triggering a 20-minute trading halt, after SK hynix posted its biggest one-day drop on record. Investors unwound gains from the company's rally into its Nasdaq debut last week, and a brokerage estimate that its quarterly operating profit could come in about 8 percent below consensus deepened the selling. The rout carried into the U.S. overnight, where memory names including Micron Technology, SanDisk and Western Digital fell sharply and the Nasdaq lost 1.6 percent. Apple, viewed as insulated from the AI spending race, climbed to a record high as investors rotated out of chipmakers. Retail investors sold a net 828.4 billion won worth of KOSPI shares in early trade, while institutions bought a net 654.2 billion won and foreign investors bought a net 168.1 billion won. The KOSDAQ fell 1.6 percent to 786.23. In Tokyo, the Nikkei 225 was down 1.1 percent at 66,502.65 in early trade. The won was quoted at 1,497.40 per dollar, down 2.10 won from the previous session, according to Hana Bank. 2026-07-14 09:20:17 -
SK Hynix Lowers Earnings Forecast Amid Memory Price Adjustments SK Hynix's earnings outlook is being revised downward by analysts. However, the structural growth trend centered on high-bandwidth memory (HBM) and the ongoing supply shortage remain valid assessments. On July 14, financial investment firm Mirae Asset Securities lowered its second-quarter operating profit forecast for SK Hynix from 70.7 trillion won to 62.3 trillion won, a 12% reduction. This adjustment reflects an 8% decrease in the projected average selling price (ASP) for DRAM and a 5% decrease for NAND. Kim Young-geon, a researcher at Mirae Asset Securities, stated, "It appears that SK Hynix has secured about 50% of its sales through long-term supply contracts (LTA). This not only enhances earnings stability but also reduces exposure to speculative demand driven by procurement uncertainties." The previous day, Korea Investment & Securities also revised its operating profit estimates for SK Hynix for this year and next year down by 9% and 11%, respectively. This adjustment reflects a more realistic outlook on memory prices based on the LTA contract structure. Korea Investment & Securities forecasts SK Hynix's second-quarter operating profit to be 60.4 trillion won, which is 8% below the market consensus of 65 trillion won. They noted that the higher proportion of HBM sales compared to competitors could lead to a lower overall ASP increase than the market average. However, analysts do not view this earnings adjustment as indicative of a downturn in the industry. They argue that the memory sector is shifting from a past focus on spot prices to a structure centered on 3-5 year long-term supply contracts, leading to a reassessment of corporate value based on the sustainability of higher profitability rather than short-term price increases. Mirae Asset Securities projects SK Hynix's operating profit for 2027 to reach 389 trillion won, indicating a 45.7% increase year-on-year. They believe that rising HBM prices will drive production capacity allocation, tightening the supply of general memory further. Target prices remain unchanged. Mirae Asset Securities maintains a target price of 4.2 million won, while Korea Investment & Securities sets it at 3.8 million won, keeping their investment ratings at 'Buy' and 'Overweight,' respectively. * This article has been translated by AI. 2026-07-14 09:20:00
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Public-Private Partnership to Drive Local Growth Through Culture A public-private partnership aimed at fostering new growth through culture is set to be fully operational.On July 14, Minister of Culture, Sports and Tourism Choi Hwi-young appointed members to the '5th Local Culture Cooperation Committee,' which will serve as a key communication channel between local cultural sites and the government.To ensure the committee's expertise and diversity, the Ministry of Culture received broad recommendations for candidates from various central ministries, local governments, and relevant public institutions, ultimately selecting 14 private members.This committee notably includes a wide range of experts not only from the arts and culture sector but also from fields such as artificial intelligence (AI), tourism, traditional markets, law, and startups, which is expected to enhance the quality of local cultural policies through a multidisciplinary approach. Additionally, the participation of youth members has significantly increased from 0% to 21.4%.The committee will play a crucial role in reviewing essential matters for local culture promotion, including the establishment, implementation, and evaluation of the basic plan for local culture development and balanced regional cultural growth.Minister Choi expressed hope that the Local Culture Cooperation Committee will play a key role in spreading unique cultural assets from various regions into new cultural content, improving local living conditions, and ultimately achieving attractive regional growth driven by culture.* This article has been translated by AI. 2026-07-14 09:20:00
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Seoul sends presidential chief to Qatar for emir's funeral SEOUL, July 14 (AJP) -President Lee Jae Myung on Tueday sent a message of condolence following the death of former Qatari Emir Sheikh Hamad bin Khalifa Al Thani and dispatched his chief of staff, Kang Hoon-sik, as a special envoy to attend the funeral. According to the presidential office, Kang departed for Doha Tuesday to personally deliver Lee's condolences on behalf of the South Korean government and is scheduled to return on Thursday. Seoul typically sends cabinet ministers or other senior officials as special envoys to the funerals of Gulf monarchs, but Qatar reportedly specifically requested for Kang who had earlier visited the country. The visit is also expected to provide an opportunity for high-level discussions on bilateral cooperation, including energy security, given Kang's longstanding role in economic diplomacy with the Gulf region. In April, Kang visited Qatar in his capacity as the president's special envoy for strategic economic cooperation, where he met with the current emir, Sheikh Tamim bin Hamad Al Thani, and discussed liquefied natural gas supplies and broader economic cooperation. Sheikh Hamad, who ruled Qatar from 1995 until voluntarily abdicating in favor of his son in 2013, died Sunday at the age of 74. Widely regarded as the architect of modern Qatar, he transformed the small Gulf state into one of the world's leading exporters of liquefied natural gas while vastly expanding its diplomatic, financial and media influence. Under his leadership, Qatar launched the Al Jazeera satellite news network, developed one of the world's largest sovereign wealth funds and emerged as a key diplomatic mediator in regional and international conflicts. The country's economic rise was fueled by a liquefied natural gas boom that made Qatar the world's largest LNG exporter by the late 2000s. His decision in 2013 to voluntarily hand power to his son, Sheikh Tamim, was unprecedented in the Gulf, where leadership transitions have traditionally followed the death or overthrow of a ruler. Qatar declared four days of national mourning following Sheikh Hamad's death, with flags lowered to half-staff and government offices temporarily closed. 2026-07-14 09:14:46